Indian American Ajay Banga takes over as World Bank President

Indian American Ajay Banga on June 2 took over as the President of the World Bank, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund.

Indian American Ajay Banga on June 2 took over as the President of the World Bank, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund.

On May 3, the Executive Directors of the World Bank selected Mr. Banga, 63, as the 14th President of the World Bank for a five-year term.

In February, President Joe Biden announced that the U.S. would nominate Mr. Banga to lead the World Bank.

“Join us in welcoming Ajay Banga as the new President of the World Bank Group. We are committed to creating a world free from poverty on a livable planet,” the World Bank said in a tweet with a picture of Mr. Banga entering the bank headquarters here on June 2.

“I wish Ajay Banga all the best as he takes up his new role as President of the World Bank today. I look forward to continuing the deep partnership between our institutions to do good and help those most in need,” IMF managing director Kristalina Georgieva said in a tweet.

Mr. Banga has become the first-ever Indian-American to head the World Bank. He replaces David Malpass, who announced his decision to step down in February.

Mr. Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees.